Salt Lake City ‘s Deseret News reports that, as part of the effort, US&O staff and administration will take a salary cut, and 403(b) employee pension contributions have been suspended. In a statement, the organization said it is anticipating a shortfall by the end of this season, making cuts necessary, according to the news report.
Melia Tourangeau , US &O’s president and chief executive officer, and music director Keith Lockhart will take a 10% pay cut for the rest of the 2008-09 season, and symphony musicians, who belong to the American Federation of Musicians Local 104, AFL-CIO, agreed to an 11.5% salary and benefit cut for this year, the newspaper said.
In addition, the musicians will give up two weeks of pay as well as a week of vacation and some personal days. They’ll also give up part of their pension plan.
« Towers Perrin Adds Pension Risk Management Consultant in Europe